Philadelphia, PA
Probate Lawyer at Philadelphia, PA
Practice Areas: Probate, Estate Planning, Tax
The basis of property can be tricky, especially in Community Property states. Here is an extract from IRS Publication 17 that may be of service to you. "Community property. In community property state...
See Full GuideRequirements for Filing Beginning in 2010, the following taxpayers with both uncertain tax positions and assets equal to or greater than $10 million will be required to file Schedule UTP if they or a...
See Full GuideFACTOR 1 Whether the requesting spouse is separated or divorced from the nonrequesting spouse. FACTOR 2 Whether the requesting spouse knew or had reason to know that the other spouse would not pay th...
See Full GuideBefore a taxpyearrecognizes cancellation of debt incomebe aware that there are two exceptions to reporting such income as follows: A. INSOLVENCY: If you are insolvent after the discharge you have no t...
See Full GuideThe Internal Revenue web site provides the following answer and related details: You must report as income any amount you receive for your disability through an accident or health insurance plan paid ...
See Full GuideFirst Priority: The costs of administration. Second Priority: The family exemption Third Priority The costs of the decedent's funeral and burial, and the costs of medicines furnished to him within si...
See Full GuideMember of Household or Relationship Test To meet this test, a person must either: 1. Live with you all year as a member of your household, or (2) Be related to you in one of the ways listed unde...
See Full GuideNon resident aliens are not eligible See Section 36(d)(1). Limit on Credit: Homes purchased in 2009, limit is $8,000. Married individuals filing separately: $4,000 Homes purchased in 2008 limit is $...
See Full GuideRecords Retention Time: Forever Copies of Tax Returns; Tax/legal correspondence; Audit Reports; Contracts and Leases; Real Estate Records Corporate Minutes and Stock Records Records Retention Time: 6...
See Full GuideMarket Method or Comparable Sales Method This method compares the closely held company with similar companies. This method is often used when the entity is carrying on an active trade or business. In...
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